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, sue. >>> a special report on fiscal cliff negotiations that is in addition to our coverage all day awning on cnbc and simon? >> hundred efs thousands of jobs are waiting for congress to act over the next few hours. who is in trouble? more "power lunch" in two minutes plus of course president obama speaking in about 12. this is cnbc. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. sfls welcome back to "power lunch." one of the big barometers today on how the market feels about the ofds going over the fiscal cliff is the defense sector. the defense sector index today in fact back up near the highs after that report from john harwood that they may be close to a de
, the pressure is on, the clock is ticking, the countdown to the so called fiscal cliff hits the 72-hour mark in just a few minutes. while congress is hoping for a hail mary deal to avoid taking a plunge over the fiscal cliff, most americans are wondering what is wrong with these people, and how exactly social security going to affect them. so, we went ahead and crunched the numbers for you. there they were again. hour nation's leaders trooping into the white house one more time. and afterwards, the president. >> the hour for immediate action is here. it is now. >> you've heard that before. but today on the brink of the fiscal cliff, a glimmer of -- well, something. >> i'm optimistic we may still be able to reach an agreement that can pass both houses in time. >> but don't hold your breath. there is deep skepticism in washington that the leadership of our country will get its act together on time. so let's say we all go over the cliff. what does it mean for you? how big a deal is this for ordinary taxpayers? >> well, it's a big deal in that it would be kind of a sudden shock if you had a ligh
astonishing technique with memory mortals. >> look at that! >>> and cliff countdown. with only 72 hours to go until the nation could careen over the so called fiscal cliff, we do the math to tell you how it could affect your bottom line. >>> from the global resources of abc news, with terry moran, cynthia mcfadden, and bill weir in new york city, this is "nightline," december 28th, 2012. >>> good evening, i'm terry moran. well, with all of the expensive airport frenzy at the holidays, your travel dollar might not feel like it goes as far as it used to, but tonight you're going to meet some everyday travelers who found ways to fly literally around the world in first class luxury for next to nothing. that sounds too good to be true? maybe it's because you've never seen the extreme measures these folks are willing to rack up frequent flier miles. here's an encore presentation. >> reporter: this is where rick gets to go practically for free whenever he goes flying. to the front of the lie at the check-in counter. to the first class lounge. to seats like these at the front of the airplane, first c
to avoid the fiscal cliff. >> the hour for immediate action is here. it is now. and the american people are not going to have any patience for a politically, self-inflicted wound to our economy. >> reporter: there are signs of progress. mitch mcconnell and harry reid have agreed to spend the next 24 hours trying to come to a bipartisan agreement on a smaller fallback plan to keep at least some taxes from going up. after the meeting, house democrat leader nancy pelosi told us she's at least a little encouraged. >> it was constructive. as i say, candor is constructive, and i think it moved us forward, but we'll see. >> reporter: it was the first meeting with the president and all the congressional leaders in six weeks. it follows an impasse that has shaken wall street, the dow down more than 400 points since talks stalled last week. and on main street, business owners like drew greenblatt, who owns a wire basket manufacturing company in baltimore, say the coming fiscal cliff is already causing pain because they just don't know what will happen to their taxes. >> right now we're doing our
on an agreement. there is more work to do. the hour is. lori: fiscal cliff taking away from what has been a solid year for stocks. s&p 500 up 11 1/2%. nasdaq up 14%. accordingly we're looking for answers. ashley: apple shares clawing back from the three-month slide. baron's jack hough says the stock has more upside ahead and he will explain why. lori: as we do every 15 minutes, let's head down to the floor. diane macedo covering all the action. diane, stocks climbing ever so slightly higher. all eyes must be on washington. are investors more encouraged we will get some kind of a deal, however you want to characterize it by midnight tonight? >> hi, lori, hi, ashley. doesn't seem like it if you look at market numbers. they're hiring when we started this morning but they're actually lower before the president started speaking today. the dow is up 45 points. nasdaq is up about 32, and s&p is up about nine. not a huge amount of optimism. still across the board green. we're keeping an eye on duff and phelps. this is a private equity firm, struck a deal to buy that company for $365 million that is 19% p
-to-date with the fiscal cliff situation over the next few hours. we showed you athens a few minutes ago and the fireworks displays around the world have been heralding the start of the new year. north korea has joined other countries in having a pyrotechnics display. australia, china and russia are well into 2013. we are tracking the celebrations. >> residents in samoa were among the first to welcome 2013. these to be the last but a year ago, they jumped to the west of the international dateline. the spectacular start to the new year came in sydney harbour, launched by the australian superstar, kiley been no good. -- kylie minogue. 7 tons of fireworks filled the air above sydney harbour bridge. this city's style is rather different. john yang has held what for help -- it's believed to be the first public new year celebration in north korea. burma has joined the global party. ♪ >> the end of the year would not be complete without the viral pop hit, "gangnam style" being performed with great enthusiasm. while hong kong celebrate with a virtuous so show over victoria harbor. fireworks lit up moscow's red
over the fiscal cliff. the last hour of trading, last session of the year. one hour left to trade. president obama says this afternoon the progress is being made, but there is still plenty of work to be done but the stocks right now. very close to session highs, up 137 points. the nasdaq better by 58. the s&p 500 up one and a half points to low 20 points. not bad at all. the market started ticking off a little after noon when investors get worried that the president was going to speak at 130. in a tape that is pretty soon to begin, very few volumes speculated, it will to push the market higher. here you go. the dow had its intraday high of 30 minutes before the president spoke. right now of 131 points. the market moving mostly to the upside. the blue chips, hewlett-packard up above four 1/4%. $14.26 per share, but down about 45% for the year. economy names like caterpillar in the green, up three in the third. a similar story for ge up to one 1/4. so these are widely held stocks that could be in your portfolio. your pension fund doing very nicely on this last trading day. there is
at all. all eyes on the approaching fiscal cliff with just under eight hours left to make a deal. we've got you covered from capitol hill, we're going to be speaking live with congressmen from both sides of the aisle, representative tim hulz camp, mick mulvaney and dennis kucinich. david: also wilbur ross, chairman and ceo of -- [inaudible] and the former chairman of the white house council of economic advisers. i tell you, we get the prime guests right here. ed lazear says tax hikes hurt growth. find out just how much. liz: rich edson live on capitol hill with the very latest on the fiscal cliff countdown. larry shover live in the pits of the cme, and what action we saw, wow, and we've got more than $100 billion worth of advice from our market panel, bill greiner and sandy lincoln. but first, let's talk to rich edson and, rich, you know, you're looking at a situation at the moment where you have the president saying we're close, but no deal. you have senator mitch mcconnell on the republican side saying close, but no deal. leads me to ask, what about joe biden? our vice president? h
. i'm susie gharib. with just hours to go a deal emerges to avert the fiscal cliff, but can congress pass the measure in time? president obama says they can, we've got the latest from washington, on what could happen before the new year's day deadline. and wall street ends the year with a rally and healthy gains. s&p strategist sam stovall joins us with where he sees stocks headed in 2013. that and more tonight on "n.b.r."! washington lawmakers are getting close to a fiscal cliff deal, but they might not get it done before the midnight deadline tonight. the senate could vote in time, but it's possible the house will wait until tuesday. that means the u.s. could go over the fiscal cliff. on wall street today, investors bought up stocks on high hopes of deal, after president obama said this afternoon a deal is "in sight," and positive comments from republican leaders in the senate. here's how e major averagesr closed on this last trading day of 2012. the dow surged 166 points, the nasdaq jumped about 60, and the s&p rose almost 24 points. while wall street has already closed the books
now. i am adam shapiro. two hours to see if the trading session and a few days until the fiscal cliff with time running out, president obama meets with congressional leaders in one hour and they do what they haven't been able to do for months, years, make the deal. wall street is anxiously awaiting washington. the dow down 79 points. how will the cliff shape the final stretch for stocks in 2012? the lackluster holiday shopping season comes to an end, detail is slashing prices trying to break even and get you to spend some box. retail analyst christian benz tells us why it could be too little too late. time for stocks every 15 minutes on the fox business network. lauren simonetti on the floor of the stock exchange. anything change? >> may be accelerated the losses, the dow is down by 79 points, market's weighting in less than an hour we have the key meeting on how to avert a fiscal cliff so we are in this standby mode. the final hour of trading should be interesting. this week has not been good. stock down five days in a row. all three major averages in the red for the week and monday
tonight. >> we will keep you up-to-date with the fiscal cliff situation over the next few hours. we showed you athens a few minutes ago and the fireworks displays around the world have been heralding the start of the new year. north korea has joined other countries in having a pyrotechnics display. australia, china and russia are well into 2013. we are tracking the celebrations. >> residents in samoa were among the first to welcome 2013. these to be the last but a year ago, they jumped to the west of the international dateline. the spectacular start to the new year came in sydney harbour, launched by the australian superstar, kiley been no good. -- kylie minogue. 7 tons of fireworks filled the air above sydney harbour bridge. this city's style is rather different. john yang has held what for help -- it's believed to be the first public new year celebration in north korea. burma has joined the global party. ♪ >> the end of the year would not be complete without the viral pop hit, "gangnam style" being performed with great enthusiasm. while hong kong celebrate with a virtuous so show over
and big day of trading on "squawk on the street." >>> tonight, the fiscal cliff deadline just hours away. will d.c. leaders avert the plunge? stay with cnbc for realtime people really love snapshot from progressive, but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are you? aw! camera shy. snapshot from progressive. test-drive snapshot before you switch. visit today. ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-second stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ]'ll bust your brain box. ♪ all on thinkorswim from td ameritrade. ♪ >>> countdown before the opening bell. the final opening bell of 2012. as we do this one last time. the s&p, of course, negative for december, hasn't done that since 2
in the united states to strike a deal to prevent the economy from going over the so- called fiscal cliff. that is when a package of automatic spending cuts and tax rises comes into fact which could set the country back into recession. that less than 20 hours into the generate the first deadline. >> as night descended on washington, no deal precentors went home with a low over 24 hours to go before the huge austerity package known as the fiscal cliff, something almost nobody wants is due to descend on the american economy. >> we will come in at 11:00 tomorrow morning and that further announcements. >> if there's no doubt, the price of failure could be high. the average american, might see their taxes rise by as much as $2,000 a year. as spending cuts take money from the economy, a second american recession becomes a possibility. confidence in america will be shaken. the financial markets may take fright. president obama believes it is time for the wealthiest americans to pay more in taxes. he has made that part of his negotiating position. he criticized republicans for resisting these tax
the "fiscal cliff"? it is still possible but experts say with every passing hour it becomes more difficult. >> well, we're now at the last minute. the american people are not going to have any patience for a politically self-inflicted wound to our economy. not right now. >> reporter: congressional leaders left the white house after trying to negotiate an 11th hour deal to avoid the "fiscal cliff" of tax hikes and spending cuts that begin on january 1. the president emerged shortly after admitting no deal had been reached at least not yet. >> we had a constructive meeting today. senators reid and mcconnell are discussing a potential agreement where we can get a bipartisan bill out of the senate over to the house and done in a timely fashion. >> reporter: the senate is in session today and is expected to return on sunday along with the house. >> we are engaged in discussions, the majority leader and myself and the white house, in the hopes that we can come forward as early as sunday and have a recommendation. >> reporter: but time is clearly running out for congress. st. mary's college polit
." >>> coming up at the top of this hour, forget the fiscal cliff. we are staring down the barrel of a container cliff as unions are threatening to shut down ports along the eastern seaboard. also, we peer in netflix's christmas eve outage. what does it mean for the company, for the stock? and what did it mean for movie theaters that evening? also, herbalife is getting legal muscle to combat bill ackman's short posture against the company. the question is whether or not it's going to come to reinvestors. i'm down here at the stock exchange. back to you. >> lovely to see you, as ever. thank you very much. >>> gold trading close. we showed you a few moments ago t goldman sachs commodity index barely hanging on to gains this year despite a lot of losing bets, investors are still pumping billions into the sector. jackie deangelis is looking at the winners and losers. >> good afternoon. what we have seen a bit of a correction in commodities. if the index ends the year a little lower, it will be the first decline we've seen since 2008. but you're right, the commodities saw a lot of interest this year.
weekend. good luck in washington now. >>> next hour we'll hear from more lawmakers about the fiscal cliff. we'll have senator bernie sanders from vermont he'll be here as well as representative karen bass of california. in our 1:00 eastern hour right here on msnbc. >>> we need to turn now to weather. a winter storm another one dropping snow in the northeast. take a look now. you know a lot of people -- just a few days away. we've got a little snow coming down here now actually. that's the spot a lot of people are going to gather. right outside the studios here, rockefeller plaza. but the new year's countdown they expect some million people to be out there when the ball drops. but when that ball drops, how bad is it going to be out there? are they going to be getting snowed on? dylan dryer, would you recommend going out there on new year's receive in. >> of course. it's new year's eve in new york city. but the snow will be gone by then. it is a snowstorm nonetheless and the roads and anyone traveling in the northeast will run into some issues. we've already seen some reports of pretty bad
the president arrives in a couple of hours, cutting his hawaiian vacation short to address the fiscal cliff s there really any hope in the last attempt? does the market fade if there's no news tomorrow night? >> the nikkei continues its 21-month run. how much is the boj willing to put up with? >> looking a at potential strike in the nation's port on the east and southern coast, the first since '77 that could cost retailers and importers billions. businesses now asking its white house to get involved. >>> you can now get the nokia lumia for free, depending on the service provider contract you sign s that standard practice or a sign the company's flagship phone suspect selling well? >>> we will start off with news about the fiscal cliff. congress returning to capitol hill today to try to get a deal done on the cliff before the deadline on december 31st. senate majority leader harry reid is working to see if the scaled backpackage the president laid out last week can get through congress before monday. meantime, treasury secretary timothy geithner says the government will hit the debt ceiling on
to top ceos about the latest on the fiscal cliff, whatever the developments are included on that call, we know lloyd blankfein will be on the call. david: keep the picture up. you never know what picture you'll get. go to rich edson following this. we mentioned the fact, actually, you alerted us all via e-mail that this proposal was not really a new proposal. the president was planning, but its led to s&p futures going into the weekend going sharply down. sandy smith there in chicago reporting that, indeed, it was this announcement, the announcement of nothing new that led the futures down. what are the folks there saying? >> well, you know, david, it's, you know, telling they are not saying anything. they left the white house and headed back to the capitol, and when you look at what the opening proposal was from the president, essentially what he detailed in the speech a week ago, essentially what he proposed for the past year and throughout the campaign, unless there was movement within that meeting, and he was really hanging it on republicans to say, okay, i want an up or down vote on
% on the day. dagen: thank you so much. we are heading into the final hours before the fiscal cliff arrives. let's send it down to peter barnes. where is mitch mcconnell and harry reid, what is he up to? >> mitch mcconnell is chatting with vice president biden. he has been tasked over here to try to find some sort offdeal, some sort of agreement to avoid the fiscal cliff. they have a lot of history together. twenty-three years in the senate together. they have a good working relationship. people call biden the mcconnell whisper around here. they are able to at least talk and get things done. they have been key players in the last negotiation. i have to tell you, dagen, the white house and the vice president office are not telling anything about the talks. harry reid seems to be on the sidelines right now. dagen: the idea of mitch mcconnell in the vice president whispering to one another in each other's ears, just, well, leaves me with no words. [ laughter ] i think i should end it there before i embarrass myself. >> that is okay. the horse whisperer, the mcconnell whisper -- dagen: the dog
tick down towards the fiscal cliff deadline. >>> china's manufacturing activity hits its fastest pace in a year and a half. >>> and as we head towards the end of the year, global markets look at decent returns, outperformers this year include german, japanese and hong kong stocks. the u.s. senate will meet at 11:00 a.m. eastern after lawmakers tried most of sunday to avoid a fiscal cliff. proposals moved back and forth including tying social security to the chained cpi index. aides say talks between harry reid and mitch mcconnell focus on extending middle class tax breaks and renewing unemployment benefits. president obama says the u.s. markets and economy will suffer if congress fails to act. and here is what the major players had to say at least publicly this weekend. >> if you look at projections of 2013, people generally felt that the economy would continue to grow, unemployment would continue to tick down, housing would continue to improve, but what's been holding us back is the dysfunction here in washington. >> the sticking point appears to be a willingness, and interest or fra
year. coming up. less than 24 hours and we are falling over the fiscal cliff . why can't lawmakers get the deal done. donald trump weighs in on that in the top of the hour. >> clayton: one thing people promise to do in the new year and we'll tell you what it is. goodbye ite christmas just got "blacked out." [ brother ] but it's the family party! really jingles your bells, doesn't it? my gift to you! the capital one venture card! for any flight, any time! that's double miles you can actually use! how illuminating. what's in your wallet? let me guess, am on the naughty list again? ho ho ho! he >> juliet: good morning, everybody. today is monday, december 31, i'm juliet huddy in for gretchen. serious story to start out with. hillary clinton has been hospitalized. she has a blood clot. we'll have a live report with the latest on her condition and what it could mean for the investigation into the attacks on benghazi. >> dave: sorry, america. less than 24 hours to go but no deal on the fiscal cliff. why can't lawmakers get it together? we'll ask a master negotiator, donald trump, what is hap
try to work out on a deal to avoid the fiscal cliff. the deadline is less than 48 hours away and as to whether they can get it done, the president says he's hopeful. >> i'm modestly ll lly optimis an agreement can be achieved. let's make sure that middle class families and the world economy aren't adversely impacted because people can't do their jobs. >> both houses of congress are meeting in a rare sunday session. the house an hour later at 2:00. our chief white house correspondent jessica yellin now with the look at a chance for a deal and what's on the table. >> alison, here in washington, there is still hope a deal can be cut in time to avert the fiscal cliff. on saturday, the president was at work here in the white house but all eyes were on the senate where negotiators were trading deal points and revenue figures to try to reach an agreement all sides can stomach. the baseline for the president, any bipartisan bill would have to extend unemployment insurance that would affect some 2 million americans and increase taxes for the highest income earners. but negotiators ca
hours and counting. can lawmakers reach a last-minute agreement. >> if we go over the fiscal cliff, what does it mean for you? higher taxes and government spending cuts are about to take a major toll on your paycheck. the fiscal cliff almost here, but the effects are very real and starting already. >>> good morning. welcome to "early start." i'm ali velshi. >> i'm christine romans. >> and i'm dr. sanjay gupta. >> good morning. hilary clinton has been admitted to the hospital for a blood clot, it is believed to be related to a concussion she suffered earlier this month. she will be hospitalized for 48 hours for hospitalization. she had just been cleared to return to work. what's going on here? jill daugherty has been following developments for us. live in the washington bureau. we're hearing 48 hours and seem to be saying it's not that serious. what are you hearing from the doctors? >> well, at this point, it's not really that clear. in fact, there was a statement coming out of the state department from phillip ryans, indicating the lack of clarity about this. he said her doctors will con
as the fiscal cliff deadline nears on the eve of the last stock market day of theae year. we will be all over it with deadlines and they are trying to get a vote, something together. "huckabee" starts now. >> this week on the journal editorial report. a look back at the year that was and what is ahead for 2013. 2012 was a tough year for conservatives on the national level, but in the states, some hopeful signs of reform, and looking forward, is the economy headed for rebound orie session? will the new year bring a with iran? our panel is here with their prediction. >>> welcome to this special edition of "the journal editorial report" as we look back at the year that was and the challenges that face us in 2013. first to our stories of 2012 and america's left turn from the supreme court's landmark health care decision to the re-election of president barack obama, politics on the national level headed in a decidedly liberal direction. so what happened? and what does it mean for the country going forward? joining the panel this week, "wall streetf journal" columnist and political diary editor jas
that he thinks this will fiscal cliff matter comes down as one white house meeting two hours from now. another top senate republican said a short time ago that he was calling on president obama to lead. >> the president is not a senator anymore. he's a president. just as president reagan worked to deal with tip o'neill and bill clinton and president eisenhower, we need leadership on not just taxing rich people, but we contact them and it wouldn't help the medicare fiscal cliff. greg: others are skeptical, noting that high-profile meetings are for show often times and all about tactics. we expect the president will try a stopgap measure extending middle-class tax rates, extending unemployment benefits for some 2 million americans, do some small spending cuts now, but not entitlement reform. an ally of the white house and the house of representatives offered this. >> this is not for show. it is a last-ditch effort by the president to bring the congressional leaders together to try and get at least a small package. a small deal together before the new year. in order to avoid some of the
the hour for immediate action is here" to avoid the fiscal cliff. if there's no deal by midnight december 31st. there will be automatic tax increases and spending cuts. we'll have more from our political analyst in a minute - but first. kron 4's justine waldman is back with more on our developing story. >> reporter: after meeting with bi-partisan leaders friday, the president said no one will get 100-percent of what they want. he said if congress can't reach a deal. congress should allow a vote on a basic package that would preserve tax cuts for middle-class americans, >> i am optimistic that we can still pass a deal in both houses in time, mitch mcconnell, and harry reid are working on an agreement as we speak >> i have my confidence destroyed on other occasions and so i hope it is not on this occasion the timing, we have to do it now that is what the next 24 hours will be very important. >> we had a good meeting in the white house we are engaged in discussions with the majority, the leader and myself in hopes that we can come forward as early as sunday and have a recommendation that i c
are the top stories this hour. right now, congress scrambling to reach a deal on the fiscal cliff before tuesday's deadline president the senate and house are convening while senate negotiators work at a plan to prevent massive spending cuts and tax hikes from kicking in january 1st. president obama appeared today on nbc's "meet the press" and said the cuts in spending need to be fairly distributed. >> what i'm not willing to do is to have the entire burden of deficit reduction rest on the shoulders of seniors making students pay a higher student loan rates, ruining our capacity to invest in things like basic research that help our economy grow. >> in news overseas the bodies of the dead are being carried away in syria today. at least 397 people were killed saturday. that is the deadliest day so far in the 21-month long civil war. another 52 died today. the joint u.n. arab league envoy said the situation is rapidly deteriorating but that a solution is still possible. >>> in massachusetts boston's mayor lifted a snow emergency a little earlier today. more than a foot of snow fell on sever
to imagine we're a little over 24 hours away from going over the cliff, the so-called fiscal cliff that occurs at midnight on december 31, tomorrow. this cliff is self-imposed. it is a penalty that we voted for if we failed to deal with the deficit that our nation faces. and unfortunately, as of this moment we've not reached an agreement to avoid it. i haven't given up hope. conversations and negotiations continue all through this day, and i'm sure into tomorrow. and i hope by the end of the day, by the end of tomorrow night we can celebrate the end of this year and the beginning of a new year with good news for the american people. this is exactly the wrong time for us to go over this cliff. we are in the midst of an economic recovery. we are seeing new job creation. businesses are seeing new growth. we are seeing the kind of economic indicators we've been waiting for for years. this going over the cliff is going to bring uncertainty to our markets, and with that uncertainty a pull back of consumer confidence and a reduction, i'm afraid, of business activity and the creation of ne
>> the hour for immediate action is here. it is now. >> a last-minute deal to avoid the fiscal cliff is still possible, says president obama. you are watching al jazeera, live from doha. an indian student who was gang raped the eyes of her injuries in singapore hospital. -- dies of her injuries in singapore hospital. dozens take to the streets to protest the iraqi government. >> in vietnam, we talk to fishermen about the increasing dangers of working in disputed waters. >> u.s. president barack obama says he still hopes congress can reach agreement to avoid the so- called fiscal cliff. obama met congressional leaders at the white house on friday to discuss a deal. he said the talks were constructive, but did issue a warning on behalf of the american people, demanding congress take action. >> america wonders why it is that in this town, for some reason, you cannot get stuff done in an organized time table, where everything has to wait till the last minute. we are now of the last minute. in the american people are not going to have any patients for a politically self-inflicted wo
reform trying to sell a fiscal cliff deal. he is was on meet the press. republicans weren't happy with that appearance because he they felt he was blaming them. new development in the last hour or two, vice president biden has come back from delaware. he is now here at the white house. he has had two phone calls with mitch mcconnell. in previous budget battles, joe biden has been the closer on these deals. his coming back from delaware might be a sign they are moving a little closer. that will be something to watch. the whole thing about changing cpi and reining in cost of entitlements, republicans are judging in on that. take a listen. >> one of proposals we made was something called change cpi but basically makes an adjustment in terms of how inflation is calculated on social security. highly unpopular among democrats not something supported but to strengthen social security in the long time i'm willing to make those decisions. >> reporter: in the morning, the president seemed to be opening the door to rein in those entitlements and then you heard harry reid shut the door on it.
about the fiscal cliff lately. how will it actually affect you? what happens to your taxes if we go off the cliff? according to the tax policy center if you're sing well no children and make $50,000 a year you will see your taxes go up by $1,500 if no deal is reached. married couple with two kids making $100,000 would see their taxes go up a whopping $5,300 per year. taxes will go up the same amount underneath the democratic and republican plans if no deal is reached. just one day after the christmas holiday, president obama is packing his bags, heading back to washington to try to forge a deal on the fiscal cliff, with just six days left to negotiate, a deal to avoid the catastrophic cliff, the president will leave hawaii tonight to try to work on a bargain between democrats and republicans. brianna keilar is traveling with the president in hawaii and joins us now. good morning, brianna. did the president cut his vacation short or was it planned all along? >> reporter: he did cut his vacation short from what was initially planned which was to go through the new year, so yes, he cut it
to be talking over the next 24 hours to try to fix this fiscal cliff thing. here's what they had to say. >> we had a long meeting in the white house it was very constructive. i hope that the next 24 hours will be very instructive with what we're able to accomplish. >> was there discussion of a concrete proposal? >> we talked about a lot of things. there's no concrete proposal at this time. we have a number of different directions that we're goi to try to take and we're going to see what can be worked out. >> we are engaged in discussions, the majority leader and myself and the white house in the hopes that we can come forward as early as sunday and have a recommendation that i can make to my conference and the majority leader can make to his conference so we'll be working hard to see if we can get there in the next 24 hours. so i'm hopeful and optimistic. >> wow. hopeful and optimistic. that sounds pretty good. i have our chief white house correspondent jessica yellin and radio hill correspondent lisa. honestly, they are not calling each other names which yesterday was going on and optimistic
for sunday night. that stokes investor hopes for a fiscal cliff deal and this coming just a few hours after harry reid's comments sent the dow into a tailspin. we have complete coverage in this developing story which is happening tonight as we speak. also, as supplies from the obama team, ep achieve lisa jackson stepping down. can the coal companies finally breathe a sigh of relief? guess what happened in britain when the uk banned handguns. the surprising result that could change the gun control debate. "the kudlow report" start ises right now. >>> the big news tonight, still the developments in washington on the fiscal cliff, eamon javers joins us with the details. >> good evening, meshel. capitol hill sources tell cnbc that congressional leaders are planning to go to the white house tomorrow to meet with president barack obama and it is not entirely clear at this point when that meeting will take place and details are still being hammered out and we saw today a blistering series of rhetorical jabs from one side to the other and it's not clear as a result of all that whether a deal can, i
government. host: can you take us through the next 48 hours on this debate on the fiscal cliff? what needs to happen? caller: ok. i say, the president should be willing to come up to $300,000, as far as tax increases. we need revenue. $400,000, some people make that. we need revenue. the only way to get it is to get it from people who actually have the money. there is no shame in helping our government. this is our government. the republicans need to understand that social security and medicare -- listen, those are so important. people are talking about i do not want children paying the bill. they will need social security as well. i want republicans to realize that they were elected to do the will of the people. not just the three% or whatever. they all need to understand that we are all affected by their thinking -- the president won the election, right? host: thank you for the call. i want to take you through some of the effects, if we do go off the fiscal cliff, if congress takes no action. this is the chart from the new york times of what will happen immediately and in the next couple
in washington as we near the edge of the "fiscal cliff." >> and a terrifying ordeal for shoppers in sacramento. witnesses fear the worst when a fight breaks out in a very busy mall. >> and we'll take you to one bay area "cool school" where students with special needs are learning how to rock. ,,,,,,,,,,,,,, >>> you start thinking the worst thing that could possibly happen. >> we hid behind the jewelry counter at macy's. >> some terrified shoppers flee a sacramento mall when a massive fight breaks out. >> senate lawmakers head back to washington trying to reach a deal on the "fiscal cliff." >> and you can put away the umbrellas for at least a day. we have this high pressure firmly in place over the bay area. checking the roadways so far, no major hot spots out there. here's a live look at th golden gate. we'll have much more traffic and weather coming up. >>> i'm michelle griego. >> i'm frank mallicoat. it's almost 5:00. we have some developing news in brentwood. a mysterious gas leak has prompted the evacuation of a number of homes there. pg&e crews were called out to all brook drive around 6:
is still on christmas break. but will meet sunday evening, a little more than 24 hours before the "fiscal cliff" arrives. but it's not clear what legislation it might consider >> "hopefully there is still time. prevent economic crisis." >> reporter: and over the edge is just where the economy may go. im justine waldman for kron 4 news. >> michael yaki is joining us. right into the deadline, five days to go. late this afternoon president obama is going to be meeting with congressional leaders. and in the over one month what can we expect any progress? >> i do not think so. but it depends. if the president is going to lay out his plan which is if you stop the tax increases for people earning $250,000 and below. and also press of spending cuts, later. let us just to get it done and keep calm however, if house speaker john peter cannot get his caucus to pass. how is it going to do it one of anything is above $250,000 wage earners? some people have no idea how they are going to get the fiscal cliff of boarding from happening. >> grant: do you think that there could be compromising? base certai
't appeared because it has been over this fiscal cliff. kudos on fox business for the headline of story coming out of washington congress will meet on sunday this coming weekend that. is definitely took us off our low. we had a major rally on that. 10 handles on the s.o.p.s we watched down here. it was a painful trade there for a couple of hours. ashley: ben, very quickly up until now the market hasn't really reacted to the fiscal cliff but seems today it really sort of kicked in. did the market get it wrong up to this point? >> the fear is we may have got it wrong. market as i've been saying for a while believes in fact we will have a resolution so we will not go over the cliff. the recent commentary maybe has been there will be a patch so we'll get it done by early january. the comments by mr. reid today. the ball was thrown into his court by mr. boehner who failed with his party, the expectation was mr. reid would have something positive to say the tape sent a clear message to washington, you got it wrong and if you continue to do this. ashley: daniel, what struck you about today's session?
this december 31, 11 hours before the midnight deadline for congress to reach an agreement on the fiscal cliff. >> president of the united states -- [applause] >> thank you. >> happy new year to you. >> low, everybody. thank you. everybody have a seat. good afternoon, everybody. welcome to the white house. i realize that the last thing you want to hear on new year's eve is another speech from me. but i do need to talk about the progress being made in congress today. for the last few days, leaders of both parties are working toward an agreement that will prevent a middle-class tax hike from hitting 98% of all americans starting tomorrow. preventing that tax hike has been my top priority. the last thing that folks like the folks appear on this stage can afford right now is to pay an extra $2,000 in taxes next year. middle-class families cannot afford it, businesses cannot afford it, our economy cannot afford it. today, it appears an agreement to prevent this new year's tax hike is within sight. but it is not done. there are still issues left to resolve but we are hopeful that congress can get it
on the fiscal cliff crisis, the effort to reach some kind of agreement later this hour. we're going go live to capitol hill for the latest as the senate returns to work. that is coming up in about 20 minutes. >>> and president obama's going to have another cabinet position to fill for the new year. we learned a short time ago apa lisa jackson is stepping down after the president's state of the union speech in january. jackson starting with the agency as a staff level scientist back in 1987. during her tenure as administrator she tackled pollution problems in poor community communities. oil drilling and coal regulations. all those things on her plate. jackson said she is confident epa is headed in the right direction. >>> winter storm causing some real headaches. millions of folks in the mid-atlantic states, we're looking at heavy snow, torrential rain, strong winds, dangerous travel conditions from here, washington, d.c., all the way to maine. snowfall is especially heavy in northern new york, new england. up to a foot of snow could fall there. drew cuomo is urging folks to stay off the roa
. the movie is just great. >>> coming up, days away from going over the so-called "fiscal cliff." what the president is doing to try to reach an 11th hour deal. >>> it's the day after christmas which means a milestone for retailers and gift returners. we'll tell you how early some stores in the bay area open when we return on cbs 5. ,,,, dozens of tornadoes spottedn the south.. today, residents are getting their >> your realtime captioner: linda marie macdonald. >>> we came out and we saw this, what did you think? >> thank god i'm alive. >> dozens of tornadoes spotted in the south. today residents getting a first look at the damage. >> and we're going to have on- and-off rain showers throughout the morning into the afternoon. when will the wet weather end? we'll let you know coming up. in the meantime, it's also causing some slick conditions even flooding out in sonoma county. traffic and weather together every 10 minutes. >>> good morning, everyone. it's wednesday, december 26. i'm michelle griego. >> i'm brian hackney. frank is off today. thanks for coming to cbs 5. >>> much of the
at the top of the hour on "morning joe," treasury secretary tim geithner throws a monkey wrench in the fiscal cliff talks, announcing that the u.s. will reach its budget cliff by monday. we'll discuss that on "morning joe." and when we come back, we'll hudding around the water cooler, where it gets awkward in an interview between the obamas and barbara walters. that's next when "way too early" comes right back. ♪ >>> okay, enough with the real news, let's gather around the water cooler to watch barbara walters try to pull back the curtain on life at the white house. the 83-year-old journalist sat down to interview president obama and the first lady, assuming we've all heard plenty about the fiscal cliff, walters wasted little time pivoting to more intimate territory. >> when you look at this picture, what do you think? at what point was it taken? >> i think we were campaigning in iowa. >> so, why were you hugging so hard in iowa? >> because i love my wife. >> well, and also, i hadn't seen him in a while. i mean, you know, when you're campaigning, we're two ships passing in the night, and th
in the next few hours to try to scrape out a fiscal cliff deal but hope is fading fast. if that weren't bad enough, the treasury now says the u.s. will hit the debt ceiling on new year's eve. will this be a game-changer for reaching a deal? >>> plus as if the fiscal cliff wasn't bad enough, now critical ports across the u.s. could be brought to a standstill starting this weekend. we'll explain how a looming union worker strike could sink businesses across the united states. >>> the major sports leagues do a touchdown dance after a federal judge's ruling. their lawsuit to spike sports gambling in new jersey get as crucial green light but new jersey isn't taking it sitting down. details how that state is fighting back and preparing to give vegas a run for its money. even when they say it's not, it's always about money adam: thank you for joining us. we want to look first at the day's market headlines. stocks slid for the 30 straight session. mediocre holiday seas and deadlock over fiscal cliff gave investors little to get excited about. the dow fell 24 points. the so-called fear index or the
five hours in the fiscal cliff they're claiming they're willing to compromise. it is quite a laughable concept. i hope they get their act together. thank you for your time. >> i think both parties knew that both taxes have to be raised. is a terrible that we got involved and two wars. knowing wants to be held responsible. they pose some areas to the other one. they cannot possibly excepted. the end result is taxes will go up. no one is when to be responsible. we have to be responsible for the bad choices they make since we chose bad leaders. we are going to have to divide this terrible sandwich and pay a lot more. a lot of people are going to suffer. host: we have one dead. she is in carthage, texas. are you there? caller: i think our white house is like a spoiled child. they do not want to get in to helping get what you really need. it the democrats would go ahead and agree on these spending cuts, this is not going to do us any good. they're talking about the taxes that would have tonight. the whole idea is this supposed to go on. we are not accomplishing anything by doing that. we're
an hour away now from the late es effort to avert the so-called fiscal cliff. the three-way stare down between the white house, the senate, the congress moves to pennsylvania avenue. president obama meeting behind closed doors with house speaker boehner, senate majority leader harry reid and senate minority leader mitch mcconnell talking about doing something to keep more than trillion dollars in tax increases and cuts from taking effect next week. also joining that party today, america's happy warrior. vice president joe biden will be there. while some appear ready to compromise others are still ducking, dodging, trying to dump the blame elsewhere. >> we all have our ideas and in the senate, you're right. we probably another 40, 50, 60 of saying that we're ready to both raise revenues and control entitlements. when's the missing ingredient? it is presidential leadership. >> i think in the end we'll get a deal. the question is the timing. >> am hopeful there will be a deal that avoids the worst parts of the fiscal cliff, namely taxes going up on middle class people. >> it's pretty appa
meet 3 p.m. on the fiscal cliff at the white house today. markets are going to be watching that real close, but of course, the markets close about an hour after the meeting starts. so, that meeting probably won't have much impact on the markets themselves unless there are leaks about what might happen. until then, any developments out of d.c. i'v i have are going to drive this market. we're calling it sound bite trading. we're covering it. the opening bell is next. want to know what i did in the last five hours? i played a round of golf. then i read a book while teaching myself how to play guitar; ran ten miles while knitting myself a sweater; jumped out of a plane. finally, i became a ping pong master while recording my debut album. how you ask? with 5-hour ergy. i get hours of energy now -- no crash later. wait to sethe next five hours. >>> just a few seconds from the opening bell, there are no government reports in the news background today. all we've got is a 3 p.m. meeting at the white house between the top two democrats and the top two republicans and the president. yes, the fi
be through a carbon tax is somethi. you can go to the c-span fiscal cliff website to get all the latest information, you should be checking back over the next 48 hours. guest: a deadline this afternoon. senator reid has said he will bring a bill to the floor that is what the president has asked for. i would not call it a plan b but it is clearly a fallback. bring ae're going to bill to the floor. it is an increase of taxes. eliminate single the amt or 2012 and extending unemployment. it would be those three elements. he would be st. negotiate with me and we can get something better. i would expect this to be filibustered. it plays right into what the white house might want. host: what incentive is there for john boehner to bring the bill up in the house of? guest: that is a good question. he said we might amend it. with these few hours before the start of the cliffs, paying a bill back and forth would most certainly mean we're going off. caller: i have a couple of comments. i think members of congress and the senate need to know that we are at their employers.
-called fiscal cliff, taxes and spending cuts unless democrats and republicans reach a deal by new year's eve. >> nearly all the major players in those negotiations are starting to agree on one thing, and that is that a deal is virtually impossible by that deadline. senior officials say there is little hope of a grand bargain to shave trillions of dollars off of america's mountain of debt. >> applause for the bell at the start of the trading day is a daily ritual at the new york stock exchange, despite the enthusiasm, traders are keeping an anxious eye on share prices. the fiscal cliff is on everyone's mind. u.s. treasury secretary timothy geithner has warned that his department will need to take extraordinary measures to postpone the upcoming government defaults. he plans adjustments to the national budget that would give the u.s. two months of grace. president barack obama has said he is still hopeful that a resolution can be reached this year. he cut short his vacation in hawaii to restart negotiations with republicans in congress. before christmas, the president called for bipartisan coop
vacation short coming back to washington, hopefully to deal with the fiscal cliff. the latest on the negotiations such as they may be. >>> many commodities have been a losing bet this year, so why are investors still pumping billions into the sector? the winners, losers and the prospects. >>> and the deadly winter storm that slammed the south now heading here in the northeast. the latest on its path and how it will impact your holiday travel and business overall. scott, back to you. >>> thank you so much. >>> the ending time is falling to 20 month lows. it comes as japan's new prime minister abbe begins his term. they're recommending a position in the yen for some time. paul richards of ubs. paul, nice to see you again. welcome back. >> thanks, scott. how are you doing? >> well, thanks. this call has been well for you because you nailed it where does it go from here? >> i think it's strategic and it's technical from here. strategically i like a weak yen. you now have abbe all over the b.o.j. and you have the governor, his term is coming up at the end of november. things are ch
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